This is why Strategy only accumulated 155 $BTC last week. 👇
Issuing $MSTR shares has been their primary method of raising capital to accumulate bitcoin.
Recently, they announced that they will only issue more MSTR to buy bitcoin when the company trades at >2.5x mNAV (mNAV measures the value of the company vs the value of their BTC holdings).
Strategy's mNAV as of today is 1.72, so they are not currently raising capital by issuing MSTR.
They are still raising capital via their other offerings (STRC, STRK, STRF, STRD), but these have resulted in significantly less capital to spend on BTC.
For Strategy's mNAV to rise above the key 2.5 level, either MSTR needs to pump or BTC needs to dump until the enterprise value of Strategy is >2.5X the value of the BTC they hold.
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